OING FOR OLD IN VERYTHING E DO INVESTOR DAY 2019 NEW YORK JANUARY 17, 2019

Transcription

1 OING FOR OLD IN VERYTHING E DO INVESTOR DAY 2019 NEW YORK JANUARY 17, 2019

2 2019 INVESTOR DAY AGENDA INTRODUCTION Tony Makuch, President & Chief Executive Officer AUSTRALIA Fosterville Operations: Ian Holland, Vice President, Australian Operations Fosterville Exploration: John Landmark, Vice President, Human Resources Northern Territory: Ian Holland and John Landmark BREAK CANADA Operations: Duncan King, Vice President, Mining (Kirkland Lake) Macassa #4 Shaft Project: Darren Tschanz, Vice President, Projects Exploration: Eric Kallio, Senior Vice President, Exploration FINANCE David Soares, Chief Financial Officer SUMMARY Tony Makuch, President & Chief Executive Officer 2

3 FORWARD- LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Information The information in this presentation has been prepared as at January 14, This presentation contains forward looking statements and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Kirkland Lake Gold with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and include information regarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company's disclosure materials; and (iii) future exploration plans. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Kirkland Lake Gold's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Kirkland Lake Gold believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the future development and growth potential of the Canadian and Australian operations; the future exploration activities planned at the Canadian and Australian operations and anticipated effects thereof; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation. Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Kirkland Lake Gold, including its annual information form, financial statements and related MD&A for the financial year ended December 31, 2017, and its interim financial statements and related MD&A for the period ended September 30, 2018, which are filed with the securities regulatory authorities in certain provinces of Canada and available at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Kirkland Lake Gold has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Kirkland Lake Gold does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. All dollar amounts in this presentation are expressed in U.S. dollars except as otherwise noted. For further details of Kirkland Lake Gold s Q production results, please see the Company s press release dated January 8, For further information on the Company s three-year production guidance, including the assumptions and qualifications made, please see the Company s press release dated December 11, Use of Non-IFRS Measures This Presentation refers to average realized price, operating costs, operating costs per ounce sold, all-in sustaining cost ( AISC ) per ounce of gold sold, free cash flow, sustaining capital expenditures and growth capital expenditure because certain readers may use this information to assess the Company s performance and also to determine the Company s ability to generate cash flow and meet its expenditure requirements. This data is furnished to provide additional information and are non-ifrs measures and do not have any standardized meaning prescribed by International Financial Reporting Standards ( IFRS ). These measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs presented under IFRS. Refer to each Company s most recent MD&A for a reconciliation of these measures. The most comparable IFRS Measure for operating cash costs, operating cash costs per ounce sold and AISC per ounce sold is production costs as presented in the Consolidated Statements of Operations and Comprehensive Income, while total additions and construction in progress are the most comparable measures for sustaining and growth capital expenditures. Operating cash costs, operating cash cost per ounce sold and All-in sustaining costs ( AISC ) per ounce sold in the Company s 2018 guidance reflect an average US$ to C$ exchange rate of 1.29 and a US$ to A$ exchange rate of 1.34 (as at October 30, 2018). Operating cash costs, operating cash cost per ounce sold and AISC per ounce sold for YTD 2018 reflect an average US$ to C$ exchange rate of and a US$ to A$ exchange rate of Operating cash costs, operating cash costs per ounce and AISC per ounce sold for 2017 reflect an average USD to CAD exchange rate of and a USD to AUD exchange rate of See Kirkland Lake Gold News release dated Feb. 21,

4 KIRKLAND LAKE GOLD INTRODUCTION TONY MAKUCH PRESIDENT & CHIEF EXECUTIVE OFFICER

5 2018 GOLD MEDAL PERFORMANCE UNIT COSTS/OZ 1 Cash costs: $397 AISC: $738 EXPLORATION Supporting 1M ozs of annual production RECORD PRODUCTION kozs FREE CASH FLOW 1 $163M RESERVES 2 36% increase to 4.6M oz 1. For nine months ended September 30, As at Dec. 31, 2017 (Announced Feb. 20, 2018). 5

6 RECORD PRODUCTION IN 2018 CONSOLIDATED PRODUCTION (kozs) 124% Guidance > 670 kozs Strong Production Growth 21% increase from 2017 Record Production Fosterville: kozs Macassa: kozs Taylor: 58.6 kozs MACASSA HOLT TAYLOR FOSTERVILLE CONSOLIDATED 2018 Guidance (000 ozs) >330 > Production (ozs) 240,126 67,770 58, , , Includes 718 ozsof production related to the Holloway Mine. 6

7 STRONG IMPROVEMENT IN UNIT COSTS IN 2018 OPERATIONAL CASH COST/OZ SOLD Operational Cash Cost Guidance Improved x2 AISC/OZ SOLD M/ (F) AISC Guidance Improved x M/ (F) (F) Forecast. 1. See Non-IFRS Measures section in forward -looking statements slide. 7

8 MARGINS DRIVE PROFITABILITY AND CASH FLOW YTD 2018 NET EARNINGS ($ millions) 83% $167.4 $0.79/share $91.4 $0.44/share YTD YTD YTD 2018 FREE CASH FLOW ($ millions) 1 29% $163.1 $126.8 YTD 2017 YTD See Non-IFRS Measures section in forward-looking statements slide. 8

9 STRONG CASH POSITION CASH POSITION ($ millions) 332 Generating Free Cash Flow $50.2M in Q1 $60.7M in Q2 $52.2M in Q Q Uses of Cash 257 Osisko Shares $48M Share Buybacks $30M 235 DEC. 31/17 MAR. 31/18 JUN. 30/18 SEP. 30/18 DEC. 31/18 9

10 2019 GUIDANCE: HIGHER PRODUCTION, IMPROVED COSTS PRODUCTION (kozs) OPERATING CASH COSTS ($/oz) 1 AISC ($/oz) $397 $ $360 $380 $630 $ (Guidance) YTD (Guidance) YTD (Guidance) 1. See Non-IFRS Measures section in forward -looking statements slide. 10

11 2019: HIGHER PRODUCTION, IMPROVED COSTS SUSTAINING CAPITAL EXPENDITURES ($ millions) 1 GROWTH CAPITAL EXPENDITURES ($ millions) 1 EXPLORATION ($ millions) YTD (Guidance) 2019 (Guidance) YTD (Guidance) 2019 (Guidance) YTD (Guidance) 2019 (Guidance) 1. See Non-IFRS Measures section in forward -looking statements slide. 2. Includes capitalized exploration expenditures. 11

12 EXPLORATION SUCCESS 2018 EXPLORATION SPENDING/OUNCE (Based on production guidance) Target Exploration Expenditures in 2018 $90M Target Exploration Expenditures in 2017 $48M KL PEER GROUP² AVERAGE 2017 DISCOVERY COST (Average cost to identify new ounce of reserves and resources) KL PEER GROUP² 1. Source: Company reports. Based on 2018 guidance (mid -range used in cases where ranges are provided). 2. Peer group includes Agnico Eagle, AngloGold, Barrick, Goldcorp, Kinross, Newmont Yamana. and 3. Calculated by dividing total 2017 exploration expenditures by number of Mineral Reserve and Mineral Resource ounces added December in 31, 2018 estimates (KL: Total 2017 exploration expenditures of $48 million, Mineral Reserve additions of 1.8 million ounces, Mineral Resource ditions ad of 4.4 million ounces). See Disclosure provided in the Appendix of this presentation. 12

13 POTENTIAL TO REACH 1M LOW-COST OZS BY 2021 CONSOLIDATED PRODUCTION (kozs) , (A) 2016(A) 2017(A) 2018(A) 2019(F) 2020(F) 2021(F) (A) Actual. (F) Forecast. 13

14 REACHING THE PODIUM IN PRICE PERFORMANCE Strong Share Price Performance Versus Peers TSX:KL GDX GDXJ Source: Bloomberg. 14

15 AUSTRALIA OPERATIONS IAN HOLLAND VICE PRESIDENT, AUSTRALIAN OPERATIONS

16 FOSTERVILLE MINE BENDIGO, VICTORIA AUSTRALIA FOSTERVILLE: AN EMERGING WORLD LEADER IN GOLD PRODUCTION 16

17 FOSTERVILLE 2018 GOLD MEDAL PERFORMANCE UNIT COSTS/OZ 1,2 Cash costs: $231 AISC: $498 EXPLORATION Growing Swan Zone, drilling new targets RECORD PRODUCTION kozs EARNINGS FROM MINE OPS 1,4 $188M RESERVES 3 247% increase in reserves, 1. For nine months ended September 30, See Non-IFRS Measures section in forward -looking statements slide. 3. As at Dec. 31, 2017 (Announced Feb. 20, 2018). 4. Earnings from mine operations for YTD

18 GROWING TO >500,000 OZS/YEAR FOSTERVILLE GOLD PRODUCTION (KOZS) Guidance > 330 kozs Improved Guidance 4x Record Production in kozs 35% growth from 2017 Potential for 600 kozsby

19 FOSTERVILLE S TRANSFORMATION DRIVEN BY GRADE FOSTERVILLE MINERAL RESERVES (kozs & g/t) 1,80 0 1, , Change in Mineralization Quartz veins with visible gold key to increase reserve ounces and grade Record Dec. 31, 2018 Mineral Reserve Targeting significant growth in Swan Zone Mineral Reserve, overall Fosterville Reserve grade to increase 1) See Mineral Reserve and Mineral Resource Estimates notes at end of presentation. Thousands of Ounces 1,20 0 1, Dec. 31/12 Dec. 31/13 Dec. 31/14 Dec. 31/15 Dec. 31/16 Jun. 30/17 Dec. 31/17 Ounces Grade Grams per tonne 19

20 FOSTERVILLE MINING OPERATIONS PHOTO: HAUL TRUCK ENTERING ELLESMERE PORTAL Equipment Fleet Eight 60-tonne haul trucks Six loaders Five development drills Two production drills Ancillary equipment PHOTO: UNDERGROUND DIAMOND DRILL WORKING ON INFILL DRILLING Workforce 180 hourly workers Four-panel, even-time roster Seven on, seven off schedule Additional supervisory/tech/maintenance staff Underground diamond drilling Eight diamond drills Four diamond & one RC drill on surface 20

21 FOSTERVILLE UNDERGROUND MINING FIGURE: 3D VIEW OF LOWER PHOENIX AND HARRIER GOLD SYSTEMS 9 KMS STRIKE HARRIER SOUTH High-potential target Drilling commenced Q QUARTZ VEINS WITH VISIBLE GOLD Underground mining information Daily ore mining rate: ~1,300 tpd (currently) Mining methods(s); Open stoping Underground haulage: Truck haulage Backfill type(s): Rockfill/CRF combination Haulage to surface: Truck haulage Ramp depth: ~1.2 km to aseof decline Operating faces: monthly SWAN Growing reserves Identifying new targets QUARTZ VEINS WITH VISIBLE GOLD ROBBIN S HILL High-potential target 3 surface drills active QUARTZ VEINS WITH VISIBLE GOLD 21

22 FOSTERVILLE MILL PHOTO: FOSTERVILLE MILL WITH BACTERIAL LEACH AND TWO GRAVITY CIRCUITS Shaker Table from New Gravity Circuit Key Strengths Significant flexibility to process different ore types No separation of sulphidesand visible gold required Recoveries +98% Currently ~75% of gold recoverable through gravity Commenced operation in 2005 Constructed for 100% sulphiderefractory ore Crushing, grinding and flotation to produce sulphideconcentrate Oxidation through BIOX (bacterial leaching) CCD and neutralization circuit follow BIOX, then leaching through CIL, with gold recovered through elution, electrowinning and smelting Heated leach circuit added in 2009 Two gravity circuits (constructed 2016 and Q3 2018) 22

23 FOSTERVILLE RESERVES & RESOURCES Mineral Reserves TONNES (000 S) DECEMBER 2017 GRADE (g/t) OUNCES (kozs) 2P 2, ,700 FOSTERVILLE MINERAL RESERVES & MINERAL RESOURCES Mineral Resources (exclusive of reserves) TONNES (000 S) DECEMBER 2017 GRADE (g/t) OUNCES (kozs) M&I 13, ,150 Inf 8, ,900 Swan Zone Mineral Reserves and Resources TONNES (000 S) DECEMBER 2017 GRADE (g/t) OUNCES (kozs) Reserves ,160 Resources (M&I) Resources (Inf) Denote Mineral Reserves Mineral Reserves and Mineral Resources 23

24 FOSTERVILLE MINE RECORD PRODUCTION Q FOSTERVILLE Q MINE PLAN (KOZS) Q4/18 Swan Stopes Q Production 124,307 ozs 1km Below Surface Strong Production Growth 57% increase from Q % increase from Q Key Performance Drivers Grade outperformance in Swan & Eagle Increase development around Swan Advancement of Swan Stopes Tonnes: 98,797 Grade: 39.7 g/t Ounces: 124,307 24

25 FOSTERVILLE MINE PRODUCTION PLAN 2019 FOSTERVILLE 2019 MINE PLAN Swan 1km Below Surface Eagle Brown As mined Red Q and Q1/Q2/Q Planned Green Q Planned 25

26 FOSTERVILLE MINE PRODUCTION PLAN 2020 FOSTERVILLE 2020 MINE PLAN Swan Swan 1km 1km Below Below Surface Surface Eagle Eagle Brown As mined Red Q and Q1-Q Planned Green 2020 Planned 26

27 FOSTERVILLE GROWTH SUMMARY FOSTERVILLE PRODUCTION GROWTH (KOZS) Key Factors Driving Growth Grades to average >30 g/t in 2020 & 2021 Mill throughput 1,300 1,350 tpd 2019 & Throughput reaches 1,700 tpd in ) See the Company s Press Release dated December 11, 2018 filed under the Company s profile on SEDAR. 27

28 FOSTERVILLE $55M OF GROWTH CAPITAL IN 2019 FOSTERVILLE KEY GROWTH PROJECTS First surface hole completed Licensing of surface plant ongoing Target completion: Q2/Q Development advancing Raise completion: Q Final completion: Q Construction in progress Target completion: Q1/Q Total capital expenditures: $35M in

29 FOSTERVILLE $55M OF GROWTH CAPITAL IN 2019 TRANSFORMER FOSTERVILLE KEY GROWTH PROJECTS REFINERY & GOLD ROOM THIOCYANATE DESTRUCTION PLANT Transformer upgrade Target completion: Q Significant expansion of refining, gold pouring capabilities Target completion: Q ML/Yr. plant, will de-risk site, improve water treatment Target completion: Q Total capital expenditures: $20M in

30 FOSTERVILLE STRONG UNIT- COST PERFORMANCE FOSTERVILLE OPERATING CASH COSTS & AISC $ millions unless otherwise stated YTD 2018 Actual (Jan. Sept) 2019 (FY Estimates) 1 Production costs ($M) Purchase Price Allocation (5.4) - Operating cash costs Op. Cost Guidance $230-$250/oz in 2018 $200-$220/oz in 2019 Improved Guidance in x AISC Below $500/oz Targeting $440-$480/oz in 2019 Sustaining capital expenditures to decline on per ounce basis Royalties General and administrative costs Rehabilitation and remediation Sustaining capital expenditures AISC Gold sales (ounces) 233, , ,000 Operating cash costs/ounce AISC/ounce See the Company s Press Release dated December 11, 2018 filed under the Company s profile on SEDAR. 2. Excludes any corporate G&A costs. 3. See Non-IFRS Measures section in forward -looking statements slide. 30

31 AUSTRALIA EXPLORATION JOHN LANDMARK VICE PRESIDENT, HUMAN RESOURCES

32 AUSTRALIA STRONG COMMITMENT TO EXPLORATION EXPLORATION METRES IN AUSTRALIA 2019 Budget 2018 Projected Location Project Drills (m) Drills (m) Phoenix and Harrier (Underground) 8 99, ,219 Robbin's Hill (Surface) 4 46, ,754 Fosterville LODE (Surface) 2 49, , Exploration Spending ~$75 million 2019 Exploration Spending $85 - $10 0 million Northern Territory Fosterville - Subtotal 195, ,283 Lantern and Cosmo (Underground) 4 96, ,732 Union Reefs (Surface) 3 25, ,796 LODE (Surface) 1 6, ,176 Northern Territory - Subtotal 127, ,704 Australia - Total 323, ,987 Key objectives Reserve growth at Swan Identifying new sources of high-grade quartz veining Explore regional (LODE) Targets Key points for Australian Exploration are: 2018 spend ~$75 million (~283 km of surface and underground diamond drilling) 2019 planned ~$85 $100 million (~320 km of drilling), including advanced exploration at NT Fosterville exploration ~50% of expenditures in 2018 Five-fold increase in exploration expenditures since

33 FOSTERVILLE SWAN INFILL DRILLING SWAN INFILL DRILLING DRIVING GROWTH IN MINERAL RESERVES Key Intercepts: December 2018 Release 598 g/t Au over 6.4 m (ETW 5.8 m) 625 g/t Au over 3.6 m (ETW 3.3 m) 218 g/t Au over 5.6 m (ETW 5.2 m) 144 g/t Au over 16.5 m (ETW 14.4 m) 33

34 FOSTERVILLE SWAN INFILL DRILLING SWAN INFILL DRILLING DRIVING GROWTH IN MINERAL RESERVES Key Intercepts: December 2018 Release 598 g/t Au over 6.4 m (ETW 5.8 m) 625 g/t Au over 3.6 m (ETW 3.3 m) 218 g/t Au over 5.6 m (ETW 5.2 m) 144 g/t Au over 16.5 m (ETW 14.4 m) 34

35 FOSTERVILLE SWAN INFILL DRILLING SWAN INFILL HOLE UDH2591A: HIGH-GRADE GOLD INTERCEPT Key Intercepts from Swan Infill Drilling 144 g/t Au over 16.5 m Incl: 942 g/t Au over 1.8 m Drill Assay (Colored by Grade) 35

36 FOSTERVILLE POTENTIAL FOR CONTINUED GROWTH AT LOWER PHOENIX EXPORATION POTENTIAL DOWN PLUNGE OF SWAN ZONE EARLY EXPLORATION RESULTS Demonstrate continuation of Lower Phoenix system up to 750 m down plunge New drilling platforms planned to infill drill extension area 36

37 FOSTERVILLE HARRIER: HIGH- POTENTIAL TARGET SWAN INFILL DRILLING DRIVING GROWTH IN MINERAL RESERVES Harrier System Phoenix System KEY ELEMENTS OF LOWER PHOENIX HIGH-GRADE MINERALIZATION Reverse fault with sizeable offset Shale unit Lithological competency contract larger faults, slippage sandstones in hinge Anticline trap of ascending mineralized fluids Carbon What role does this play in precipitation? Crustal level visible gold repeating trend seen throughout gold field Anticline Offset?? Syncline Offset Target Potential Syncline Offset Anticline Offset 37

38 FOSTERVILLE HARRIER DOWN- DIP POTENTIAL PARALLELS BETWEEN LOWER PHOENIX AND HARRIER Key Points: Harrier anticline fault offset almost identical in structural setting to Phoenix Recent drilling at Harrier confirmed Anticline offset and intersected gold mineralization Potential for same model to be applied across Fosterville land position 38

39 FOSTERVILLE ROBBIN S HILL ROBBIN S HILL IS THIRD KEY IN-MINE TARGET AT FOSTERVILLE Key Points: Quartz veins with visible gold intersected below Robbin s Hill Extensive drill program planned for

40 FOSTERVILLE IN-MINE TARGETS SUMMARY MULTIPLE IN-MINE TARGETS OFFER POTENTIAL FOR SUBSTANTIAL GROWTH Key Targets: Swan Lower Phoenix Harrier Robbin s Hill 40

41 FOSTERVILLE EXPLORATION, SUMMARY LARGE ORE DEPOSIT EXPLORATION ( LODE ) PROGRAM: POTENTIAL FOR A NEW GOLD CAMP Key Points: Extensive commitment to continued growth Significant growth in Mineral Reserves achieved, more to come Multiple targets with quartz veining & visible gold detected LODE program provides camp potential 41

42 FOSTERVILLE LODE PROGRAM, CAMP POTENTIAL LARGE ORE DEPOSIT EXPLORATION ( LODE ) PROGRAM: POTENTIAL FOR A NEW GOLD CAMP Other Programs Airborne: Gravity, HyMap, Mag-Rad Ground: IP, EM, MT, Gravity, 2.5D Seismic Soil Geochemistry Portable PPB Geochem Key Points: Fosterville defined by well -known fault structures 2018 LODE program extended known faults, discovered new ones Extensive 2019 exploration program to test Fosterville system to north 42

43 FOSTERVILLE SUMMARY FOSTERVILLE: AN EMERGING WORLD LEADER IN GOLD PRODUCTION Strong production growth driven by higher grades Targeting kozs in 2019, kozs by 2021 One of world s lowest cost gold mines Op. cash costs of $231/oz YTD 2018, 2019 guidance: $200 $220/oz AISC of $498/oz YTD 2018, targeted at $440 $480/oz in 2019 Mineral reserves to increase from 1.7M 23.1 g/t driven by higher average grade Significant exploration potential key priorities include: growing Swan Zone, drilling Harrier and Robbin s Hill, investigating regional targets Near-term catalysts Mineral Reserve and Mineral Resource estimates for Dec. 31/18 Additional exploration results: Swan, Lower Phoenix, Harrier, Robbin s Hill Continued strong operating performance 43

44 AUSTRALIA NORTHERN TERRITORY IAN HOLLAND VICE PRESIDENT, AUSTRALIAN OPERATIONS JOHN LANDMARK VICE PRESIDENT, HUMAN RESOURCES

45 NORTHERN TERRITORY ( NT ) POTENTIAL FOR VALUE UPSIDE NT: POTENTIAL TO RESUME OPERATIONS AT HIGHER PRODUCTION, LOWER COSTS 56 mineral titles and 5 MLA s titles held covering 1,600km2 Cosmo Mine Site: 60km northwest of Pine Creek ~225km Southeast of Darwin Location of Cosmo and Lantern deposits Underground & drilling programs underway Union Reefs ( UR ) Mine Site: 20km north of Pine Creek ~285km Southeast of Darwin Location of processing facility and Prospect and Lady Alice deposits Pine Creek: exploration planned 2019 Maud Creek: advanced exploration project 45

46 NT HISTORY NORTHERN TERRITORY: HISTORY Goldfield Years of Operation Tonnes Grade Production (Koz Gold) Production (tonnes) Union Reefs ,360, , NTMO Pine Creek ,280, Sold Cosmo/Howley ,910, Goodall ,100, Moline ,600, Brocks Creek ,570, Mt Bundy/Toms Gully ,640, Mt Todd ,010, Mt Bonnie , Rustlers Roost (Heap Leach) ,580, Total 83,720, , Reef gold discovered at Cosmo/Howley region 2009 Crocodile Gold purchased assets from receivers of GBS Gold 2010 Crocodile Gold mining open pits at Howley and underground at Brocks Creek 2011 Cosmo underground commences 2012 open pit mining ceases UG at Cosmo only 2015 Newmarket Gold merges with Crocodile Gold 2016 Newmarket Gold merges with Kirkland Lake Gold 2017 NT mining and processing activities are suspended to allow for advanced exploration 2018 NT controls area with historic production of 3.5Moz 46

47 NT RESERVES & RESOURCES NT: RESERVES AND RESOURCES All Mineral Resources and Reserves prepared in accordance with the CIM and the Canadian NI framework, with detailed reports available on SEDAR at Mineral Reserves for the NT Operations (as at Dec. 31, 2017): Proven and Probable: 2.4 g/t Au for 215,000 oz Pine Creek, Union Reefs and Cosmo Deeps Mineral Resources for the NT Operations: Measured and Indicated: 2.3g/t Au for 1,810,000 oz Inferred: 2.5g/t Au for 1,280,000 oz Cosmo Deeps, Union Reefs, Burnside, Pine Creek and Maud Creek Drilling activities are underway to continue growing these Mineral Reserves and Resources with a focus on Cosmo Deeps (Cosmo and Lantern) and Union Reefs (Prospect and Lady Alice) 47

48 NT POTENTIAL FOR VALUE UPSIDE NT: COSMO DEEPS LANTERN AND COSMO DEPOSITS All underground mining to date from the Cosmo deposit 3.1g/t mined Cosmo Underground drilling at Lantern targeting deeper extensions of Phantom open pit 2.0 g/t mined Phantom Cosmo still has some future mining planned: Taipan, Sliver, Keelback lodes Deeper exploration underway to target potential extension of eastern lodes 48

49 NT LANTERN DEPOSIT LANTERN DEPOSIT Lantern Deposit heavily targeted by near mine exploration during 17/18 Large scale step outs Resource growth Infill drilling Extended identified mineralization to plunge extent of over 1.2 km Expanded initial 6 mineralized lodes to more than 30 Culminating in KL news release on Dec. 19,

50 NT UNION REEFS - HISTORY UNION REEFS HISTORY Discovered 1873 historic mining using shafts, adits and trenches from surface High grade field May 1874: 771 oz from 10 tons of picked stone; Jan. 1875: 197 oz from 30 tons 1 Mining to a depth of around feet, limited by water Previously open pit mined AngloGold 1.5g/t mined for ~945,000 ounces of gold Limited drilling completed below open pits during AngloGold ownership, focused on open pit mining Kirkland Lake Gold actively exploring to depths 1,000 m below surface High-grade, visible-gold bearing mineralization identified at shallow depths at Lady Alice Deposit, Union Reefs Key intercepts: 8.9 g/t Au over 7.2 m (ETW 3.4 m) (including 86.0 g/t Au over 0.45 m (ETW 0.2 m)); 7.5 g/t Au over 7.5 m (ETW 4.1 m), and 23.8 g/t Au over 0.9 m (ETW 0.5 m) Discovery of high-grade mineralization at depth to the south of existing Mineral Resources at Union Reefs Key Intercept: 60.4 g/t Au over 0.6 m (ETW 0.3 m) from 547 m downhole 1) Source: Balfour NT Time Gazette records from NT Mine Wardens reports 50

51 NT UNION REEFS UNION REEFS PROSPECTS 51

52 NT UNION REEFS UNION REEFS PROSPECTS 52

53 NT UNION REEFS UNION REEFS DRILLING TARGETS SUMMARY 53

54 NT UNION REEFS UNION REEFS DRILLING RESULTS Hand Specimen from Lady Alice URNDD g/t Au over 1.1m (ETW 1.0m) 2 1 ) See Crocodile Gold News Release Dated May, ) See News Release Dated April 30, 2018 URNDD g/t Au over 2.5m (ETW 2.0m) (incl. 1,230g/t Au over 0.47m) 1 54

55 NT NT: NORTHERN STAR KUNDANA COMPARISON 55

56 NT SUMMARY NT: SUMMARY NT Strategy for re-commencing operations is based on a suitable 5 year mine plan which: Produces +100,000oz/year at AISC costs of <$US950/oz Owner/operator model with locally sourced staff Current activities at the NT are: Continued exploration drilling with 4 underground and 4 surface diamond drilling rigs plus development underway to construct suitable drilling platforms. Environmental, social and regulatory matters being proactively managed 56

57 CANADA OPERATIONS DUNCAN KING VICE PRESIDENT, MINING (KIRKLAND LAKE)

58 CANADIAN OPERATIONS NORTHERN ONTARIO CANADIAN OPERATIONS: THREE OPERATING MINES WITH TOTAL PRODUCTION OF ~8 MOZS OF GOLD 58

59 MACASSA KIRKLAND LAKE, ONTARIO MACASSA: ONE OF THE WORLD S HIGHEST-GRADE GOLD MINES WITH GROWTH POTENTIAL 59

60 MACASSA 2018 GOLD MEDAL PERFORMANCE UNIT COSTS 1,2 Cash costs: $449 AISC: $739 #4 SHAFT PROJECT Driving growth to ~400 koz/year RECORD PRODUCTION kozs EARNINGS FROM MINE OPS 1,4 $100M RESERVES 3 2.0m ozs@ 21.0 g/t 1. For nine months ended September 30, See Non-IFRS Measures section in forward -looking statements slide. 3. As at Dec. 31, 2017 (Announced Feb. 20, 2018). 4. Earnings from mine operations for YTD

61 GROWING TO 400,000 OZS/YEAR MACASSA GOLD PRODUCTION (KOZS) +/ Guidance kozs Record Production in kozs 24% growth from Record Quarterly Production in Q kozs 36% growth from Q % growth from Q

62 MACASSA SOLID GROWTH IN RESERVES MACASSA MINERAL RESERVES (kozs & g/t) 2, South Mine Complex High-grade zone key driver grade improvement and production growth Dec. 31, 2018 Mineral Reserve 2.0M 21.0 g/t Large resource base supports future reserve growth Significant exploration potential 1) See Mineral Reserves and Mineral Resources Estimates Note at end of presentation. Thousands of Ounces 2,000 1,500 1, ,010 2, ,454 1,385 1, Dec. 31/13 Dec. 31/14 Dec. 31/15 Dec. 31/16 Dec. 31/17 Ounces Grade Grams Per Tonne 62

63 MACASSA MINING OPERATIONS PHOTOS: Z40 BATTERY-POWERED TRUCK; 3D VIEW FEATURING #4 SHAFT LOCATION Equipment Fleet Two 40-Tonne Batterypowered trucks (Z40) Six 20-ton haul trucks 22 battery scoops Two production drills Workforce 555 underground hourly workers Four shifts, even-time roster Five-on, four-off schedule Additional supervisory/tech/maintenance staff Underground mining methods Underhand cut and fill: ~65% Sub-level long hole: ~25% Overhand cut and fill: ~10% 63

64 MACASSA MILLING OPERATIONS MACASSA MILL: CAPACITY TO OPERATE AT 2,000 TPD, DOUBLE CURRENT MINING RATE Commenced Operation in 1986 Initial capacity 725 tpd, expanded in 2013 to 2,000 tpd Three stage crushing and grinding to 45 microns Leach train includes cyanide leach/cip circuit, followed by strip circuit, electrowinning and smelting Refining produces doré bars containing 85 88% gold No gravity circuit Key to Mill s Success Excess capacity Av. milling costs C$45/tonne Potential for significant improvement operating at full capacity 64

65 MACASSA RESERVES AND RESOURCES LARGE RESOURCE BASE SUPPORTS FUTURE GROWTH IN RESERVES Mineral Reserves TONNES (000 S) DECEMBER 2017 GRADE (g/t) OUNCES (kozs) 2P 3, ,700 DECEMBER P 3, ,010 Mineral Resources (exclusive of reserves) TONNES (000 S) DECEMBER 2017 GRADE (g/t) OUNCES (kozs) M&I 3, ,090 Inf 1, ,370 DECEMBER 2016 M&I 2, ,320 Inf 1,

66 MACASSA MINE RECORD PRODUCTION Q MACASSA Q MINE PLAN (KOZS) Q Production 69,936 ozs Strong Production Growth 36% increase from Q Key Performance Drivers Record grade of 25.9 g/t Grade outperformance in stopes around the 5700 Level Grade outperformance from stopes on 5700 Level Tonnes: 85,523 Grade: 25.9 g/t Ounces: 69,

67 MACASSA MINE PRODUCTION PLAN 2019 MACASSA 2019 MINE PLAN Key Points: Continued development of 5300 exploration Commencing development on 5700 towards #4 Shaft location Driving vent raise from 5700 to 5300 Production continues on and around 5700 Level 67

68 MACASSA MINE PRODUCTION PLAN 2020 MACASSA 2020 MINE PLAN Key Points: Continued development of 5700 exploration Development of second drive (on 5400 Level) towards #4 Shaft location Production largely between 5500 and 5800 levels 68

69 MACASSA MINE PRODUCTION PLAN 2021 MACASSA 2021 MINE PLAN Key Points: Development on 5700 Level to #4 Shaft completed and station cut Stope production to continue to depth with development advancing below 6000 feet 69

70 MACASSA MINE GROWTH SUMMARY MACASSA PRODUCTION GROWTH (KOZS) +/ Key Factors Driving Production Production remains similar to 2018 until completion of #4 Shaft Grade average ~20 g/t Significant growth beginning is

71 MACASSA MINE $80M OF GROWTH CAPITAL IN 2019 NORTH TAILINGS PROJECT MACASSA KEY GROWTH PROJECTS THICKENED TAILS PROJECT #4 SHAFT PROJECT $10 $12M in 2019 $10 $12M in 2019 $50 $55M in 2019 Total capital expenditures: $80M in

72 MACASSA MINE STRONG UNIT- COST PERFORMANCE Op. Cost Guidance $450-$470/oz in 2018 $440-$460/oz in 2019 Improved Guidance 2x MACASSA OPERATING CASH COSTS & AISC $ millions unless otherwise stated YTD 2018 Actual (Jan. Sept) 2019 (FY Estimates) 1 Production costs ($M) Purchase Price Allocation (-) - Operating cash costs Royalties General and administrative costs Rehabilitation and remediation AISC Below $500/oz Targeting $640-$690/oz in 2019 Sustaining capital expenditures to decline in dollars and per ounce due to reduced capital development Sustaining capital expenditures AISC Gold sales (ounces) 170, , ,000 Operating cash costs/ounce AISC/ounce See the Company s Press Release dated December 11, 2018 filed under the Company s profile on SEDAR. 2. Excludes any corporate G&A costs. 3. See Non-IFRS Measures section in forward -looking statements slide. 72

73 CANADA MACASSA #4 SHAFT PROJECT DARREN TSCHANZ VICE PRESIDENT, PROJECTS

74 MACASSA #4 SHAFT PROJECT #4 SHAFT: COMPUTER RENDERING Key Facts: 7,000 ft, 21.5 ft diameter concrete -lined shaft Hosting capacity of 4,000 tpd Total capital: Phase 1 $240M Phase 2 $80M 74

75 #4 SHAFT MULTIPLE BENEFITS #4 SHAFT AN ESSENTIAL ADDITON TO MACASSA S INFRASTRUCTURE #4 SHAFT Key Benefits Include: 1. De-risks operation 2. Supports more effective exploration 3. Improves working conditions 4. Doubles production capacity (~400 kozs/year) 5. Lowers unit costs MACASSA: 2021 MINE PLAN 75

76 #4 SHAFT SURFACE WORK PROGRESSING #4 SHAFT VIDEO 76

77 #4 SHAFT SURFACE WORK PROGRESSING #4 SHAFT PHASE 1 COMPLETION TARGETED FOR EARLY 2022 Phase 1 Site Works Headworks Sinking setup Sinking to 5700 ft Loading Pocket 2x1000 t bins and loadout at 5450 ft Shaft Long Section: Phase 1 77

78 #4 SHAFT SURFACE WORK PROGRESSING #4 SHAFT PHASE 2 COMPLETION TARGETED FOR END OF 2023 Phase 2 Concurrent sinking to 7000 ft Loading Pocket at 6900 ft and 2x1000 t bins including Loadout Shaft Long Section: Phase 2 78

79 #4 SHAFT SURFACE WORK PROGRESSING 1 -Service Cage 2 Deck 59 People / Deck Materials 3.5 yd Scoop #4 SHAFT FOUR-COMPARTMENT CIRCULAR SHAFT 21.5 Dia. Circular Concrete Lined Shaft (1 Thick) 20 Steel Set Interval 3 Hoists 2 - Auxiliary Cage 2 Deck 7 People / Deck 3 - Production Skips 16.5 ton Capacity 4,000 TPD 79

80 #4 SHAFT SURFACE WORK PROGRESSING #4 SHAFT CONCRETE FOR HEADFRAME POURED IN OCTOBER, INTERNAL STEEL WORK ONGOING Headframe Bin House Hoist House Dry 80

81 #4 SHAFT SURFACE WORK PROGRESSING #4 SHAFT THREE HOISTS TO HANDLE SKIPPING OF ORE AND MOVEMENT OF WORKERS AND MATERIALS Hoist House: This building contains the three Hoists required for travelling of the Cages and Skips inside the Shaft. Part of the Building is also a 50 MT Overhead crane, an Electrical Room, Maintenance Area and a Control Room. Legend: 1 Service Hoist 2 Auxiliary Hoist 3 Production Hoist Production: Double Drum 4.8 M Dia. Speed 2952 FPM 6437 HP (AC) Motor 2.36 Dia. Ropes Auxiliary: Single Drum 2.4 M Dia. Speed 1181 FPM 1073 HP (AC) Motor 1.18 Dia. Ropes Service: Double Drum Sinking converted to Blair for service. 3.6 M Dia. Speed 2756 FPM sinking Speed 1575 FPM service 4425 HP (AC) Motor X Dia. Ropes 81

82 #4 SHAFT SCHEDULE & BUDGET #4 SHAFT PRODUCTION COMMENCES WITH COMPLETION OF PHASE 1 Estimated Growth Capital ($ millions) $60 $55 $55 $55 $50 $

83 HOLT & HOLLOWAY A SOLID PRODUCER HOLT AND HOLLOWAY POTENTIAL FOR GROWTH Gold Production (kozs) Two mines and milling facility Holt: g/t for 67.8 kozs in 2018 Targeting similar production in 2019 Holloway: on care and maintenance since Dec ,000tpd processing capacity Conventional CIL milling facility 3 mill grinding circuit Mill feed from Holt and Taylor mines Royalty structure impacts economic attractiveness of both Holt and Holloway Attractive growth potential with improved economic structure No exploration drilling ongoing or planned TONNES (000 S) DECEMBER 2017 DECEMBER 2016 GRADE (g/t) OUNCES (kozs) TONNES (000 S) GRADE (g/t) OUNCES (kozs) Reserves 3, , Resources 1 (M&I) Resources (Inferred) 6, , , ,220 8, , Mineral Resources are reported exclusive of Mineral Reserves. See Mineral Reserve and Mineral Resource disclosures at the end of the presentation. 83

84 TAYLOR A NEW MINE WITH POTENTIAL TO GROW TAYLOR RELATIVELY NEW MINE WITH POTENTIAL FOR GROWTH Ramp access mine that achieved commercial production in 2015 Record production in g/t for 58,632 ozs Targeting similar production in 2019 Q production was a quarterly record g/t for 19,305 ozs Record results mainly reflected grade outperformance Significant exploration potential, active drill program in 2019 TONNES (000 S) DECEMBER 2017 DECEMBER 2016 GRADE (g/t) OUNCES (kozs) TONNES (000 S) GRADE (g/t) OUNCES (kozs) Reserves 1, Resources 1 (M&I) Resources (Inferred) 1, , , , Mineral Resources are reported exclusive of Mineral Reserves. See Mineral Reserve and Mineral Resource disclosures at the end of the presentation. 84

85 CANADA EXPLORATION ERIC KALLIO SENIOR VICE PRESIDENT, EXPLORATION

86 CANADA 2019 EXPLORATION PLAN Region Project Drills KL South CANADIAN EXPLORATION A COMBINATION OF IN-MINE AND REGIONAL TARGETS 2019 Budget (m) Drills 2018 Projected (m) Macassa Minesite 4 93, ,400 Taylor Minesite 3 43, ,320 KL North Holloway Holt Minesite 1 10,000 Regional Exploration (Nighhawk, Golden Highway 2 32,785 KL North Subtotal 6 86, ,320 Total , ,720 86

87 KIRKLAND LAKE SOUTH EXPLORATION MACASSA A STRUCTURAL CAMP 93,370m of Drilling focused on Macassa Mine Area Macassa 87

88 KIRKLAND LAKE SOUTH EXPLORATION SMC SITUATED BETWEEN THE MAIN BREAK AND THE AMALGAMATED BREAK A A Cross Section for Macassa Mine Area (2,000 6,000 feet Below surface) 88

89 KL SOUTH MINESITE EXPLORATION 1,029m of Development, 89,370m of UG Drilling and 4,000m of Surface Drilling MACASSA MULTIPLE TARGETS AROUND THE SMC TO SUPPORT FUTURE GROWTH 3400Lv #4 Shaft 5300Lv East East SMC West SMC Lower SMC Main / 04 Break 89

90 KIRKLAND LAKE NORTH EXPLORATION Taylor 43,987m 86,772m of Drilling on 4 Main Target areas Timmins 30Km Quebec Border 15Km Hwy 101 MATHESON HISLOP (PDFZ) Nighthawk 12,000m Golden Highway 20,785m Holloway-Holt 10,000m 90 90

91 TAYLOR MINESITE EXPLORATION 900m of Development and 53,987m of Underground and Surface Drilling 91

92 GEOLOGY PLAN: HOLT HOLLOWAY MINE PROPERTY Canamax Zone HOLLOWAY MINE HOLT MINE Tousignant Zone (PDFZ) 92

93 TAYLOR: FOCUSED ON EXTENDING RESOURCE 93

94 KIRKLAND LAKE GOLD FINANCE DAVID SOARES CHIEF FINANCIAL OFFICER

95 MARGINS DRIVE PROFITABILITY AND CASH FLOW YTD 2018 NET EARNINGS ($ millions) 1 83% $167.4 $0.79/share $91.4 $0.44/share YTD 2017 YTD 2018 YTD 2018 FREE CASH FLOW ($ millions) 1,2 29% $163.1 $126.8 YTD 2017 YTD For nine months ended September 30, See Non-IFRS Measures section in forward-looking statements slide. 95

96 RECORD REVENUE FOR YTD 2018 CONSOLIDATED REVENUE ($ millions) 133% YTD 2018 Revenue Growth 23% from YTD YTD 2018 Sales Growth 16% from YTD Consolidated Full-Year Gold Sales 2018: kozs 2017: kozs 2016: kozs YTD 2016 YTD 2017 YTD 2018 Gold sales (kozs) Gold price ($/oz) 1,251 1,255 1,275 96

97 STRONG EARNINGS FROM MINE 400 OPERATIONS FOR YTD EARNINGS FROM MINE OPERATIONS ($ millions) 236% YTD 2018 Production Costs Improved due to impact of NT In YTD 2018 Depletion and Depreciation $194/oz produced ($240/oz YTD 2017) YTD 2018 Earnings from Mine Ops. ($ millions) Fosterville: Macassa: Holt Complex: 26.5 NT & Corp: (0.5) YTD 2016 YTD 2017 YTD 2018 Revenue Production costs Depletion and depreciation Royalty expense

98 EBITDA FOR YTD EBITDA 1 ($ millions) 228% YTD 2018 net earnings 83% increase from YTD YTD 2018 Depletion and Depreciation 6% lower in YTD YTD 2018 EBITDA 31% increase from YTD See Non-IFRS Measures section in forward-looking statements slide YTD 2016 YTD 2017 YTD 2018 Net earnings Loss from discontinued ops Finance costs Depletion and depreciation Current income taxes Deferred income taxes EBITDA

99 DEPLETION AND DEPRECIATION DETAIL Depletion and depreciation policies Depletable Resources Unit-of-Production ( UOP ) Method over estimated recoverable ounces Depletable Costs x Ounces Produced Estimated Recoverable Ounces (Proven and probable reserves) Plant and Equipment Straight line or UOP basis, shorter of useful life or the remaining life of mine Significant Classes of PPE: Mill and related infrastructure Vehicles and mobile equipment Office equipment Computer equipment Life of mine 3-5 years 5 years 3 years Assets Under Construction Depreciated when substantially complete/available for intended use over useful lives YTD 2018 DEPLETION AND DEPRECIATION ($ millions) $110 $90 $70 $50 $30 $10 $103.0 $31.3 $78.3 Depletion Depreciation $96.4 $34.9 $60.8 YTD 2017 YTD 2018 Key driver of reduction in depletion cost in YTD 2018: Increase in Fosterville s reserves (depletion base) of 246% as at Dec. 31/17 Fosterville reserve: 1.7M 23.1 g/t (Dec. 31/17) 0.49M 9.8 g/t (Dec. 31/16) 2019 Known Variables: Production Guidance Capital Spend Guidance Unknown Variables Change in R&R base Gold Inventory Movements Disposals Other Accounting Items 99

100 TAX OVERVIEW Net deferred tax liability The following are the major components of the Company s consolidated net deferred tax liability as of FY2017: Mining Interest Result of timing differences between amortization of accounting basis (through depletion) and tax Property, Plant and Equipment ( PPE ) Result of timing differences between amortization of accounting basis (useful life) and tax basis Asset Retirement Obligation ( ARO ) For tax, deductions re ARO liability allowed only when incurred (not when accrued) Loss Carryforwards (LCs) In Canada, LCs carried forward for up to 20 years In Australia, LCs carried forward indefinitely, subject to certain tests (i.e. the Same Business Test) applied on a yearly basis. YTD 2018 TAX ($ millions) $80 $70 $60 $50 $40 $30 $20 $10 $50.8 $19.4 $31.4 Deferred tax Liability (Dec. 31/17) Current Deferred $87.6 $53.9 $19.4 YTD 2017 YTD 2018 The Company s mining activities are subject to a statutory income tax rate of 25% in Canada, and 30% in Australia. The effective tax rate for the consolidated group was 19.8% in FY2017. Difference in rates is due to permanent book to tax adjustments. (US$ millions) Total Mining Interest & PPE ($197.2) Asset Retirement Obligation $15.6 Ontario Mining Tax ($22.2) ****At December 31, 2017, the Company had a Deferred Tax Asset ( DTA ) of ~US$70 million related to Australia. At Sept. 30, 2018, ~US$53.3 million of the DTA had been utilized, sheltering ~US$178 million of taxable income from Fosterville Mine. Balance of DTA expected to be used during Q Loss Carryforwards $73.1**** Other ($2.9) Total ($133.6) 10 0

101 2019: POISED FOR STRONG PRE-TAX CASH FLOW 1. See the Company s Press Release dated December 11, 2018 filed under the Company s profile on SEDAR. 2. See Non-IFRS Measures section in forward -looking statements slide. $ millions unless otherwise stated YTD 2018 Actual (Jan. Sept) 2019 (FY Estimates) 1 Gold Sales (kozs) Gold ($/oz) 1,275 $1,285 Revenue ,025 Production costs ($M) PPA/stock-based compensation (5.6) - Operating cash costs Royalties Stock-based compensation General and administrative costs Rehabilitation and remediation Sustaining capital expenditures AISC Growth capital expenditures Exploration (incl. capital) Operating cash costs/ounce AISC/ounce

102 THREE-YEAR CASH OUTLOOK BUILDING FINANCIAL STRENGTH STRONG GROWTH IN CASH DUE TO INCREASED SALES, IMPROVED UNIT COSTS CASH POSITION AT YEAR-END ($ millions) 1 $1,250 $1,000 $750 $500 Projected Cash Balance US$ millions $250 $ (A) Actual. (E) Estimate. 2018A 2019E 2020E 2021E (E) 2020(E) 2021(E) Gold sales (kozs) ,005 Note: Assumes gold price of US$1,300/oz, USD:CAD of 1.33, USD:AUD of Based on current business plans for the three -year period ending December 31,

103 KIRKLAND LAKE GOLD SUMMARY TONY MAKUCH PRESIDENT & CHIEF EXECUTIVE OFFICER

104 GOING FOR GOLD IN EVERYTHING WE DO ON TRACK FOR ONE MILLION OUNCES OF LOW-COST GOLD PRODUCTION INVESTING IN EXPLORATION WITH AN EXTENSIVE LIST OF HIGH-POTENTIAL TARGETS DRIVING DOWN UNIT COSTS TO GROW EARNINGS & CASH FLOW OUTPERFORMING PEERS WITH SUPERIOR SHAREHOLDER RETURNS GENERATING STRONG FREE CASH FLOW AND BUILDING FINANCIAL STRENGTH 104

105 MINERAL RESERVES AND MINERAL RESOURCES CautionaryNote to U.S. Investors- Mineral ReserveandResourceEstimates All resource and reserve estimates included in this news release or documents referenced in this news release have been prepared in accordance with Canadian National Instrument Standards of Disclosure for Mineral Projects ("NI ") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI and the CIM Standards; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve or is or will ever be economically or legally mineable or recovered. Qualified Person Pierre Rocque, P.Eng., Vice President, Technical Services is a qualified person as defined in National Instrument and has reviewed and approved disclosure of the scientific and technical information and data in this presentation. Additional Information For information regarding mineral resource and reserve estimates, including parameters used to generate the estimates and depletion, please see the technical reports prepared in accordance with National Instrument supporting the 2017 and 2016 Mineral Reserve and Mineral Resource estimates. The reports are titled as follows: Report on the Mineral Resources & Mineral Reserves of the Fosterville Gold Mine, Victoria, Australia, dated April 2, 2018 effective December 31, 2017; Macassa Property, Technical Report dated March 30, 2017 effective December 31, 2016; Holt-Holloway Property, Ontario, Technical Report dated March 30, 2017 effective December 31, 2016; Taylor Property, Technical Report dated March 30, 2017 effective December 31, 2016; and Report on the Mineral Resources & Mineral Reserves of the Northern Territory Operations in the Northern Territory, Australia, dated March 30, 2017 and effective December 31, All Technical Reports are available on SEDAR under the Company s profile or at Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 105